Bitcoin has rebounded from oversold recently. Is the halving bull market still here?
After the German government's selling pressure eased and the Trump shooting incident occurred, Bitcoin began an oversold rebound, recently rising above $68,000, while the Cryptocurrency Fear and Greed Index also returned to the greed level.
Even with the recent correction, according to previous reports by "Cointelegraph", some analysts still believe that the Bitcoin halving bull market cycle is working. Here are several reasons why analysts believe the bull market is still there:
1. Coinbase premium index turns positive
FalconX Research data shows that the Bitcoin spot premium index of the U.S.-listed exchange Coinbase has turned from negative to positive near July 15, and once rushed to 0.1%, returning to the level in mid-May.
The Coinbase spot premium rate is an indicator of the price gap between Coinbase Pro and Binance exchanges. If it is positive, it means that the exchange’s buying orders are stronger than other exchanges, and it is expected to become a support for the long-term price trend. However, if it is A negative value indicates increased selling pressure on the exchange.
David Lawant, director of research at FalconX Research, believes that Bitcoin prices are preparing for a "massive rebound" that will be similar to the period from October 2023 to March this year.
Chart source: FalconX Research Coinbase’s Bitcoin Spot Premium Index
2. The continued inflow of funds from Bitcoin institutional investment products
SoSoValue data shows that while the German government is selling off, the U.S. Bitcoin spot ETF has shown net inflows for 12 consecutive days, with total assets under management currently reaching US$62.12 billion, and total inflows since its listing have exceeded US$17 billion.
Source: SoSoValue U.S. Bitcoin Spot ETF Fund Flow Chart
3. Bitcoin regains re-accumulation range
Well-known cryptocurrency analyst Rekt Capital recently pointed out that Bitcoin’s latest retest of $65,000 has caused a major change in the trend.
Rekt Capital published an article on
Analysts predict wildly: It will reach as high as $4.5 million next year
In addition to the above analysis, analysts from blockchain data provider Ecoinometrics also shared that in the three months since Bitcoin halved, the price is still at the bottom of the growth range.
Analysts claimed: “Nearly three months have passed since the fourth halving, and it’s time for something big to happen.” He also made crazy predictions through the “Growth Trajectory Chart”:
“Assuming that Bitcoin moves at the same rate as the past three halving cycles, we predict that the price of this bull run will fall between $140,000 and $4.5 million, rising from $63,000.”
The growth trajectory map drawn by Ecoinometrics shows that around US$63,000 is classified as the bottom range of this bull market, and there is a chance to see Bitcoin break through US$1.12 million as soon as this year, and next year (2025) is expected to challenge the astonishing US$4.5 million. High Point.
Source: Ecoinometrics
Bitcoin’s growth rate trajectory after the fourth halving
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice. The analysts’ views are for reference only. Users should consider whether any opinions, views or conclusions in this article are consistent with their specific circumstances. Invest accordingly and do so at your own risk.
